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to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis gotman the binging has been shaken to its roots. the banking depends on trust. he wrote a note to his clients trust that has now been shattered, broken and destroyed. jim o'neal at goldman sachs says astonishing with very little thought of containing. >> bailout 101 is you want to keep the money in the banks. you want to avoid a run on the banks. you want to avoid where people are standing outside wanting their cash be
to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sect
laugh. we'll get his prediction where natural gas prices are headed next. >>> not even a down economy can crush rock and roll. legendar kiss rockers gene simmons and paul stanley kick off a big expan shun of their restaurants. they're here in first on fox interview to tell us why now is the time to bet on the consumer. even when they say it's not it is always about money melissa: first let's turn to today's market moment. fears over cyprus's bailout led to a choppy day of trading on wall street. the dow managed to eke out a slight gain wi the nasdaq and s&p 500 posting minor laws. the s&p fell for thehird straight seson. that is the worst losing streak of the year. microsoft could be in some hot water with the justice department. microsoft and some of its business partners are being investigated over a foreign bribery claims. government officials in china, italy and romania were allegedly bribed to earn software contracts but shares of microsoft still managed to close the day up slightly. >>> all right we start tonight in cyprus. th parliament rejected the tax on bank deposits, potent
economist. we're talking extraordinary weakness here, especially in the two most important economies, germany and france. >> yes. what we saw towards the beginning of the year, what we were hoping was we would see in the u.s. in the second quarter and maybe a third number. what these number res sharing, while we're seeing the rate of contraction to ease in the third quarter, around 4.6% declines. what we saw at the end of the quarter, regathering momentum and that puts the usa in a weak position heading into the second quarter. >> i was going to ask, too, the there's any way, these are sentiment surveys. these are not going on out and measuring production. what it does, it oles the companies themselves, asks them about data. pretty reliable whether it's the u.s. version of these or the global ones with tracking equity prices. and the point here is, this is the first reading of sentiment in march. yet it doesn't seem as though this was necessarily nud by the latest out of cypress. this would have all fallen before this happened. >> yeah. it's asking for hard information whether it is
for future bailouts. but making large depositors pay will hurt the wider economy, too. and that's the big question. yes, cyprus has been saved from bankruptcy and will remain in the euro zone, but at what price? some are estimating that with the reduction in the banking sector and with higher taxes, the cypriot economy could shrink by 10%. with years of hardship. and that is the big unknown. will the rescue end uncertainty or will cyprus end up like some of the other bailed out countries, with a lost generation, facing recession and job losses? >> pretty grim prospects in cyprus. and in a speech to the cypriot people tonight, the president called the deal painful but he said it was the best he could get. for more on the reaction there, i spoke to the bb's tim wilcox. we have now some clarity on the deal that cyprus has struck with europe. does it look like the island's actually going to be worse off because of this? >> it's instinct because i've just been talking to one of the m.p.'s who voted against the proposals last week, which was going to have a 10% levy or hair cut on deposits over
cyprus get to this point? >> it is a small country. its economy is based on three things. tourism, a very pleasant place for people to go. shipping, as befits an island. above all, what is euphemistically called finance. in the 1990's and early in this century, what the banks in cyprus did was offer themselves around the world as a wonderful place to come and make a deposit. we will convert whatever currency you have into euros, which is a very good currency to have. we will pay you an unusually high interest rate and ask no questions. this is often called good banking. they got a lot of deposits. depending on the estimates you believe, the total deposits in the bank of cyprus or five to eight times larger than the total gdp of that economy, which is an absurd situation. and those banks in cyprus took all of those deposits and they did what banks are supposed to do, find prudent, safe, non- risky investments. like all the banks and the last 20 years, they failed. they found that investments. they did not to prudently. the banks fell apart. the whole cyprus economy, already impacted by thi
company with extraordinarily small economy. the fact it would precipitate a run with the greek banks or italian banks and bring down the entire system in europe, fumbling along, kicking the can down the road is really pretty fried and we know from experience these events, whether in the balkins with the shooting of an arch duke or whether in cyprus with the shooting of a banking system can lead to fairly significant consequences for the entire european continent and us. >> so far, the worst-case scenario hasn't happened yet. so far. that's good. let me ask you, steve forbes. do you believe that the united states can make itself immune? are we strong enough economically, and financially, to withstand the kind of worst-case scenario that senator gregg discussed? >> the answer is no. we should have learned that from 2008 when these dominos start to topple. it hits everybody. and this is what is so inexplicable. why did the germans draw the line on this, for sheer domestic political reasons. they don't want to be bailing out russian oil gargs. they have an election this year. they have k
those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest factor of all, dan and i were talking a couple minutes ago, the depositors above 100,000 will lose 40% to 50%. >> those are russians. they're going to be pissed off. >> the great systemic problem of giant bank failures is somewhat eliminated by what they're putting forward now. >> what do you think, dan? does this work? >> for our viewers i don't think it matters. the specifics are super interesting, we're going to go have a drink. what matters to people at home, what matters to the larger story is we decided that people's property in banks was not their own. >> in europe or in the u.s., too? >> in europe only. >> th
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
's face it. cyprus is a small economy. the smallest thread can unravel the entire tapestry of the euro zone. the size of cyprus is not the point here. the point is the principle, precedent and risk of contagion spiralling out of control. >> that's how we see it here. thank you, charles dallara. now it's time to ask the money question. will cyprus and the eu woes kill our economic optimism? we'll debate that next up. the real loser could be crooked russian billionaires whose money-laundering operations in cyprus run the country. that's why vladimir putin is so angry about this bank tax. feel like capitalism may be the best bet to prosperity, but there is not one ounce of free market capitalism in this cyprus story. i'm larry kudlow. we'll be right back. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it ge
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
and that will lead to a decline in the money that is slowing around the economy and that means lower output essentially. so what we're looking at here in cyprus is that the retracted recession is not depression. let's continue with the discussion with professor pisteritus. thank you so much for joining us this morning. just how do you read the deal? did the germans win in the end? >> well, i would have to agree with you that what the germans wanted has happened in the end. it's an incredibly bad deal for the eurozone. cyprus is table because you are taking away from the island more than half its gdp. you're destroying small enterprises and the sector which accounted for 45% of gdp. expect unemployment to shoot up. we are not sure what the next step in this model is going to to be, but what has even wider implications is that the for the first time within the eurozone, depositors had to bail out ailing banks. and that happened in the 1930s. there were bank runs. we introduced deposit insurance. we introduced polling schemes for risk. in europe, we are headed for a banking union next year so
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
, the appropriate spending reduction so we can try to get this economy back on track. excitingt is an activity that is been on the house floor these past two days. we will likely pass that out of the house of representatives today. this is a budget by paul ryan that will allow us to get to balance. that means the government will stop sending more money than it takes in by the end of the decade, which is really exciting. what that allows us to do is to get the economy rolling, jobs being created and provide more certainty so young people coming out of college know there is going to be a job in their field. those in the workforce will know they will be needed. those in retirement, social security and medicare and those will be strengthened and security. an exciting time. guest: -- the: when it comes to continued resolution which funds the government through september, did it include sequester cuts that took effect earlier this month? spending atcludes the sequester level. there is flex ability for the military, department of defense and a few other areas that allow money to be moved to areas of
and howard ward. >> economy is getting better, capital chase returns and stocks continue to trend higher although there's profit taking here and there. >> okay. we'll take that to the bank. the key question about europe. it's all about credit quality. >> who do we have to worry about? >> spanish, italian and greece. >> you're very worried. >> people have to start doing their work. europe never did the work of fixing bank solvency in the first place. >> gentlemen, thank you for being here. >> happy monday. >> that does it for us today. make sure you join us tomorrow. right now it's time for "squawk on the street." ♪ ♪ ♪ ♪ >>> welcome to the last week of the first quarter. good morning. welcome to "squawk on the street." i'm carl quintanilla with melissa lee and jim kraker. futures reflecting the relief of the cyprus deal. a similar picture in europe where the italian tenure is now below where it was before those italian elections and a mixed picture in asia this morning. the nikkei up about 1.5%. the road map begin with the eurozone that did not collapse over the weekend so natura
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
the day. from the economy to earnings now. we get a number of interesting quarterly reports due today as well. before the bell, we'll hear from fedex, general mills and lennar and this afternoon we have oracle. a lot to chew on for the markets. s&p by the way coming off its first three-day decline of 2013. take a look at u.s. equity futures at this hour. green arrows across the board. and then of course there's cyprus. the country's leaders are holding crisis talks today trying it avert a financial meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignan
to see to tame these large banks and give us a stable financial system that supports the real economy, not just trading profits of a large financial institution. >> were you surprised by anything you heard at those hearings? >> i was. i viewed i, like a lot of peopl jpmorgan chase as a free will managed bank. i was surprised at them to build these huge positions and even when he started calling foul, the next level of management above him really didn't get on top of it. i was not surprised by appalled by the way they were manipulating their models that are supposed to be able to determine how much risk is involved in various trading positions. >> what advantage did they gain from manipulating those positions? >> well, there were a couple things going on. one was it was clear they were trying to boost their regulatory capital ratios in anticipation of new capital rules coming into effect. this is a key defect with the way regulators bank. regulators view capital adequacy at these large banks. they left those capital ratios to be determined in part by the risk models of the banks. the b
stuart: the highlight reel. all about cyprus. cyprus, they'll out approved. >> the economy is likely to get worse. >> continuation of stealing what has already been stolen. they will not be happy. >> they are devastated. that is not what cyprus is or ever was. >> europe does not have the mechanisms in place that the united states has to manage a currency or a banking system. >> watch the euro. that affects all of us. stuart: italian banks have been halted in trading. charles: yes. stuart: why? charles: they are worried. these stocks are plummeting. stuart: the dutch finance minister said the cyprus situation is a good template for other european countries. they have reached into private bank accounts, taken the money out and used it to finance the bailout. that is what everybody wanted to avoid and now the dow is down 43 points. >> that italian banks are frozen because now the fear is they will have their money taken out. stuart: the dutch minister is now staying this could prompt a euro zone bank restructuring. that is why the dow is now down 46 points. you have a 80-point
's economy after a week on the brink of disaster. talks have significantly overrun, adding to fears that the deal is far from certain. we will go live to brussels in a moment. >> president nicos anastasiades left of cyprus behind for a chilly brussels. he is trying to broker a deal with eu finance ministers by monday to secure aid for his beleaguered country. his eu colleagues are demanding the cyprus raise the sum of 5.8 billion euros itself in order to release a rescue loan package. a compulsory levy on savings may be the only answer. but major investors in cyprus's biggest bank, the bank of cyprus, could lose up to 20% of their deposits. not surprisingly, it's an unpopular measure. >> nearly everyone's going to lose some money. of course, the amount will be greater for some than for others. and that's that. >> there is anger at the nation's creditors. >> the germans are only interested in themselves. they don't care about anyone else. >> cyprus's banks have been closed for a week. the european central bank has threatened to cut off the island's emergency funding should no deal be
to the forefront and that's more important. the u.s. economy, china and although there is a big idea they're stealing customer's money and savings accounts is abomination, i believe it's a different european country. entered the european union in 2008, i don't think it will be as big of a deal as people think, i think it will be on the headlines for two weeks. stuart: all right, let's see what's happening on the opening bell, upside. and i'm looking for a gain of 20, 30 points for the time they're open, 10 points higher, 14,462. nicole, let's bring you in. one of your favorite stocks, we're watching it closely. yoga pants, they say they're too sheer. in other words, you can see through them. i think that the stock is way down. nicole: it is way down. it's going to hurt their bottom line. and they're talking about bringing in the pants that are sheer. that basically is like a fall for the company, you can't have pants that are sheer. i have to admit my lululemon, i noticed recently is sheer and it's no joke and you're able to bring them back in, but it's going to hurt their revenue and bot
records, taking, and larryeating bails glazer from the economy summit. and bruce is in pennsylvania where the snow has begun. reporter: well, neil, that heavy snow from this morning has turn into light snow this afternoon and now more of a freezing rain. literally minutes ago the sun made an appears and that is rare. no blizzard here but another significant snowfall. two or throw inches around most of the region, now a slushy mess. it began this morning. we expect it will not wrap up until late tonight. this is actually the 11th day in the month of march with some kind of trace amount of snow or more. none of them any big deal but all of them irritating. last month, one day with a trace of snow. temperatures much colder this march. the average high 15 degrees colder this march than last march, and just two days in the entire month of march that the national weather service would regard as clear, day where the sun was actually out. a fair number of fender benders this morning, but overall more of a slushy mess than a real danger. the temperatures are expected to get down near freezing, so
's going in the wrong direction now. sandra: saying more federal spending will help the economy, not something that all of us believe is true to be the case. >> no, but i got to go back a little bit there. it's absolutely true that he did miscalculate because neither the president nor myself nor many rational people -- sandra: would he admit that? >> yeah, i think he might, i don't know. nobody thought the house republicans were crazy enough to go through this ridiculous -- sandra: were they crazy? the sun came up. we get through the airport lines -- >> let me address that -- you guys had a ball on this, well, the sun came up, nothing changed. you may live to regret that because, you know, these problems are coming, and, in fact, today, michele bachmann, of all people, was decrying the sequester. why? because an airport in her district lost its tower and has been affected. the cuts are coming. in fact, the only thing that's fore stalled it a bit is the deal made on the continuing resolution. sandra: dan, i argue, however, immediately following, we saw the government, the adminis
of the economy that are not that strong and i don't know what the sequester will bring in the month of april. >> look, the data say things are better, and i think the fed will be under a lot of pressure because interest rates are headed higher. >> at some point the fed will have to acknowledge that -- and they have -- to your point, they changed the language a little bit. it's a moderate recovery and it's a strengthening recovery. words like that. >> right. >> at some point they're going to have to acknowledge what we all seem to know which is -- they're not great, but things are getting better. now will inflation pick up and that, of course, is the fed's number one mandate. will inflation pick up until we see jobs pick up because wage inflation comes with excess demand from workers. i don't know. that's the big trillion dollar question mark. >> commodity inflation whether it be corn or copper and the strong dollar will contain inflation that's going up a great deal. housing is stabilizing and not really in the numbers. i want to take issue with some of what you said. i think we all think th
's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some wealthy russians or wealthy companies that had money in there that they would lose a substantial portion of, perhaps 50% of the uninsured deposits if they do a wind down. if they have a margin call, you know what i'm saying? some kind of ripple effect maybe related to a russian company or a russian individual. but when
of the economy is about 18 billion euros, so the banking industry is four times the size of the economy. if you allow the banks to fail, much like letting citibank or jpmorgan here in the united states, that would have significant repercussion the in the economy. connell: where do you stand on the idea of the con cement spreading? could it happen in other countries was the question asked, it seemed like, in the markets this morning if it goes through on cypress, on to the next guy and next who have problems? >> that's a legitimate concern that the architect or one of the principle architects here, the imf, the ecb, and the european union and germany with a strong hand there. if they force this upon one country, who is to say they couldn't force it upon a larger, more important country? if europe were able to execute a plan like that, who is to say that the united states wouldn't look and say, well, they did it in europe, why couldn't we look here? connell: rule of law question; right? >> exactly. dagen: what's the solution? somewhere between forcing the haircut and letting banks fail? where is
of the country. high taxation and high debt are holding back the economy and the g.o.p. believes mr. obama is creating a nation at war with itself. the affluent vs. the nonaffluent. over the weekend senator ted cruze of texas, a conservative, delivered a very emotional speech at cpac. >> my father came from cuba. he had been in prison. he had been tortured in cuba. and he came to texas with nothing, with 100 in his underwear. didn't speak a word of english. washed dishes making 50 cents an hour. in someone had came up to that 18-year-old kid avenue as he was washing dishes and suggested to him that 55 years hence his son would be sworn into office as a united states senator representing the great state of texas. [ applause ] that would have been unimaginable. >> now mr. cruze says his dad made it on his own without government assistance. he worked hard and provide for his family and now his son has achieved the american dream. that's the way this country is supposed to work. but president obama himself has a very compelling story to tell. his father abandoned him. he was raised primarily b
is a big concern. china is a big concern. they said china's economy is showing symptoms that sparked the crisis in 2008, the warning and saying they risk financial crisis. obviously, concerns about china. i'm going to stick to the cypress theme and put it together. the vix, fear index popped. you see the 1275 right now, up 17%. at one point, up 13%. right now, let's look at the financials because they certainly reacted. in some cases, dramatically, and the idea of them taxing deposits there. citigroup down 2% and banks abroad hit harder. back to you. >> a full and complete report, thank you, nicole. >> for the bailout proposal, is the tax on bank deposits, and that is sparking outrage and fear that there's going to be a run on the banks there. david, chairman and chief investment officer of dumb beer land as visiers of -- cumberland, and why do you think it's a big deal, david? >> caller: well, the finance ministers, the decision has been announced. the cat is out of the bag. once you open the door to taxing a deposit when you have a liquidity crisis, you can never close the door aga
of energy conclude we can safely export natural gas, this is not even about a trade off between the economy and the environment. we can do these projects, prevents these projects will stop a lot of jobs from being created, it is not going to make a development in global emissions. it making no sense to me and the economy. neil: malia. >> i just quickly top say, i understand how we like to take things and combine themm but, i do not think that the only reason why keystone project is not happening is because, barack obama asked his agency this question, to get back to original topic, what i think is really important for us to look forward and you know neil, i don't think that anyone would disagree with you that jobs are important, the problem with laser beam focus you have a society and a lot of things that need to be focused on, laser beaming becomes narrowing, i don't think that is how we' our president or anyone in congress to just have like this one bullet silver bullet solution on what will save the u.s., that is not only thing that u.s. nee right now, we not only have a jobs problem. ne
live" starts right now. >> megyn: fox news alert how one country's economy is saved from the brink of collapse in an unprecedented move that experts say comes at a major cost for anyone who uses a bank. think your money is safe? welcome to "america live" everyone, i'm megyn kelly. a tiny little island nation of cyprus has decided today that it will fix its financial crisis by taking people's money. and that's the ultimate solution. they will seize 30-- no, make that 40% being of every bank account in which the person has over 100,000 euros, about 120 or 30,000. and that's your thanks for having money in the cypriot banks and now there are questions about the global cost of the rescue and people find new limits to the trust we put in banks. greg palkot live in cyprus outside the parliament there. greg? >> reporter: yeah, that's right, that's right, megyn. the folks here in cyprus are breathing a sigh of relief, their country is not going bankrupt, but the price paid could be high for the people here and around the world. and with the european union to cough up its share of the money
. that's good for 125th in the world. per sapt a gdp, $26,900. 71% of the economy service based. tourism big there. 20% is industry. 8.5% agriculture, mostly olives and citrus. in a nut shell, finance ministers are going to hold a conference call this evening to discuss a proposed bailout for the cypriot banks. the plan started this weekend included taking money from regular bank deposit, large and small, 6.75% to almost 10% if you've got more than 100,000 euros in an account over there. why are those banks in cyprus in trouble? they were heavily exposed to greek debt and we all know what happened there with the greek debt, both public and private. then the cypriot banks were national as ied to prevent an need colorado lapse. european regs, that's where the rest of europe comes in. instead of sending a bailout like it did in spain and greece, germany wants to raise money from actual people with deposits in those banks. here's how goldman sachs' paul o'neill summed it up on "squawk" this morning. >> i got off a plane from singapore saturday morning and i thought my jet lag was up but i wa
demand. moreover because of stronger growth in each economy. it has the beneficial spillovers to trading partners. there will be a test later. thank you. ashley: there are always two sides of the story. central banks have been doing it all around the world. tracy: i know. peter barnes will bring you the q&a session of bernanke's comments when they have been live. ashley: let's check these markets. nicole petallides at the nyse. you are also looking at some big tech names. nicole: i am keeping an eye on blackberry and yahoo!. down almost 3%. goldman sachs downgraded. it is not really up to par and not really doing that well. they are not seeing the sales that they had hoped. let's take a look at yahoo!. it is up one half of 1%. 23.25 a share. back to you. ashley: barely up, but it is up. thank you. tracy: boeing announcing its plan to conduct a 787 and flight today. the troubled dreamliner has been grounded since early january. we heard last week they would do a little test flight. ashley: hopefully no smoke. with the securities and exchange commission approving nasdaq's plan to pay out t
good performance of the german economy throughout the year. actually, we are forecasting a growth from around 2% quarter on quarter. and this is on the back of very strong labor markets. >> 2% growth in which quarter? >> basically on average. >> over the year. >> no. for the full year, i would have 11%. but quarter on quarter, up around 2%. why is that? very strong labor market, very strong export. i think more importantly, we should look at next month's bmis. the u.s. data came very strong. we should see a strong performance in germany on the back of the exports. >> you could make that argument on the pmi in germany and it was surprisingly weak. a deep contraction in the fourth quarter was going to rebound now called into question. >> i think this will be the growth. but you've seen in the labor market, you've seen hard data, actually, a strong performance of the economy. so we -- i think we should not expect a continuous increasing pmi, a continuous increase in ifo business index. i think the big question is the next one, in my opinion, just what they said, the u.s. bring very strong
to do it this way, as for 2014, i thi it depends on the circumstances in the economy. if there is more obama fatigue. lou: can i say, watching the republican party with all prevail -- tre veil, i think that everyone better give up on idea of doing anything with the democrats and letting the economy doing the intellectual heavy lifting for the republican party, they better get ready to go. because, this is not going to be a default election, just as 2012 was. i have to -- i hate to do it, but we have to right there. anyway, thank yo thank you very, that is it for us, we hope you will be us tomorrow, congressman frank wolf of join us. on what is going on in the obama justice department, from new york. york. >> you know every liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking
companies. real innovative companies popping up. that is what i worry about the u.s. economies. where are those bold innovative companies. and i would make another footnote about the buybacks. yes, record numbers since 2009. but that is because the feds are buying back their own shares. they say let them pass the stress test. they really struggle and diluted earnings per share. diluted their capital base with a lot of shares during the crisis. they have basically flooded the market to recapitalize and buying it back. the. neil: in cyprus explodes and banks reopened, let's see what happens to the residents of cyprus. people say oh, we are there for you. then you realize that they aren't. have a good weekend >> welcome, i am shibani joshi and four gerri willis. we will tackle the new blackberry. as i don't have anything to worry about? we will discover andalk about that as well. and the faa starts to close air traffic control towers. we will tell you how that ca affect your travel plans going into the spring. but first, raising $8.5 billion and euros needed to see the bailout from the e
in a trillion dollars. you would still be left with a deficit and you would wreck the economy. martha: interesting lesson. stuart, thanks very much. we'll be watching it throughout the day as i know you will. let's look at bigger picture of europe's debt crisis. five countries needed bailouts from the european central bank and imf. greece, spain, ireland, portugal as stuart mentioned. germany the fifth biggest. great britain at number eight. france with the 9th largest. italy at number ten. they all shrunk in the last quarter of last year. europe is basically contracting. the eurozone is losing huge numbers of jobs. a record 19 million people are unemployed. it is a tough picture and one we need to watch closely here at home. bill: sure do. no telling when that thing will get straightened out. >>> more rough water for carnival cruise lines. another disabled ship of vacationers, limping back to port. legend arriving yesterday. a leading senator calling for a passenger bill of rights. what would be in that bill? peter doocy live in washington. what would this bill of rights do, peter? >
go, the economy comes to lif norfolk southern. one line, infinite possibilities. david: five seconds away. s&p futures are closing let's head back to tim mulholland in the pits of the cme. what are you see, tim? >> we're closing near the highs. slow volume day. next week is the first week of the -- last weeks of the first quarter. so i think that we're looking at some regional fed manufacturing indexes, and end of the quarter. this market sits back a little, one step back, two steps forward. david: everyone wants to it is friday. everybody take a breath. tim, thanks very much. >> sure. shibani: shares of grocery conglomerate supervalu are soaring today. let's head back to the floor of the new york stock exchange and sandra smith with the latest. sandra? >> hey, david, hey, shibani. investors of supervalu the supermarket chain are breathing a fresh air as the stock is trading over 15 million shares. the basically the grocery store chain announced it closed a many could plex deal where cerberus capital management led group slimmed down the supermarket portfolio of this company. they sh
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